RBC Capital analyst William Kirk trimmed his price target on Natural Grocers (NYSE: NGVC) to $33.00 (from $35.00) but maintained an Outperform rating following quarterly miss.

Kirk commented, "Like its peers, Natural Grocers reported decelerating comparable store sales growth. Importantly, however, Natural Grocers still delivered share gains with +5.6% comp growth outpacing competitors. We continue to believe that easing competitive openings and less in-market competitive pressure will help comp re-accelerate. Long term, the confluence of affordability and accessibility make for attractive risk-reward."

The analyst added, "On the quarter's miss, we are lowering our full year comparable store sales estimate to 6.6% from 7.7% (guidance 5-8%). SG&A leverage continues to be strong with incentive comp below expectations. As a result, our EPS goes up to $0.70 from $0.69 (guidance $0.63 - $0.66). On the slower growth, our price target is lowered to $33 from $35. Our comparable stores estimates are 7.0% for 3Q and 7.5% for 4Q. Trader Joe's Feb 2014 Denver openings are now fully lapped and King Soopers (Kroger) appears to be doing less in-market Colorado advertising on Natural/Organic."

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Shares of Natural Grocers closed at $24.13 yesterday.